Daniel Kryger, left, and Kevin Lodewick Jr. follow trading from the floor of the New York Stock Exchange on Wednesday. Major U.S. retailers, including Abercrombie & Fitch, Sears Holdings, Urban Outfitters, Limited Brands, Nike and Gap, were down.

NEW YORK — For the stock market, this week hasn’t been the most wonderful time of the year.

U.S. stocks fell Wednesday for the third trading day in a row. Disappointing holiday sales weighed heavily on retail companies, and the unwelcome “fiscal cliff” package of higher taxes and lower government spending loomed nearer.

The Dow Jones industrial average slipped 24.49 points to 13,114.59. The Standard & Poor’s 500 index fell 6.83 to 1,419.83, and the Nasdaq composite lost 22.44 to 2,990.16.

Karyn Cavanaugh, market strategist with ING Investment Management in New York, wrote a note to clients Wednesday highlighting the less-than-merry retail sales.

“I hope that they’re reading this from the mall,” she said later, “because retail sales could use a boost.”

The MasterCard Advisors SpendingPulse report found that sales of electronics, clothing, jewelry and home goods increased just 0.7 percent in the two months before Christmas compared with the same period last year.

That was well below the 3 to 4 percent that analysts had expected and the worst performance since 2008, when spending shrank during the depths of the Great Recession.

Major U.S. retailers, including Abercrombie & Fitch, Sears Holdings, Urban Outfitters, Limited Brands, Nike and Gap, were down. Handbag maker Coach, a bellwether of the luxury market, plummeted $3.39 to $54.13. It lost nearly 6 percent of its value, more than any other company in the S&P 500.

Right behind it was online retailer Amazon.com, which helps analysts get a read on the entire retail market. It lost nearly 4 percent, falling $9.99 to $248.63.

Plodding retail sales are a concern because consumer spending accounts for roughly 70 percent of the U.S. economy. When shoppers pull back on spending, that can take a chunk out of company earnings, which in turn pushes down the stock market.

More in Business

The owners of Boulder’s Sterling University Peaks apartments, who this summer were cited for illegally subdividing 92 bedrooms in the complex, have reached an agreement to settle the case for $410,000, the city announced Thursday.

A local union president slammed by Donald Trump on Twitter stood his ground Thursday, maintaining the president-elect gave false hope to hundreds of workers by inflating the number of jobs being saved at a Carrier Corp. factory in Indianapolis.

Fast forward to today, and Larkburger is celebrating its 10th anniversary, having grown from one restaurant in Edwards to 12 locations in the state amid increasingly fierce competition in the “better burger” world.